According to data available with market regulator SEBI, the funds' investment in software or IT stocks stood at Rs 33,970 crore as on December 31, 2014, accounting for 10.20 percent of their total equity Assets Under Management (AUM) of Rs 3.3 lakh crore.

In comparison, the MF industry's exposure to software sector had reached an all-time high of Rs 34,674 crore in November this year.

The fund managers have been continuously raising their exposure in software or IT (information technology) stocks since May amid an overall bullishness in the equity markets.

In May, fund managers had infused Rs 22,986 crore in software stocks, which further grew to Rs 34,674 crore in November but they dropped their investment in December to Rs 33,970 crore.

However, MF managers raised their exposure in bank stocks to a record high of nearly Rs 73,000 crore in December 2014, which is the highest among all the sectors.